A prominent cryptocurrency exchange, Grinex, has temporarily ceased operations after falling victim to a sophisticated cyber attack that resulted in the theft of approximately 1 billion rubles, equivalent to $13 million. The exchange, which has been popular among Russian users seeking to circumvent sanctions, announced the breach via its Telegram channel and official website, attributing the attack to state-sponsored entities from 'hostile nations'.
According to Grinex, the nature and scale of the attack suggest an unprecedented level of technological expertise and resources, typically available only to state-backed structures. The exchange stated that preliminary data indicates the attack was deliberately orchestrated to undermine Russia's financial autonomy.
Grinex, originally known as Garantex, was sanctioned by the US, UK, and EU last year for allegedly enabling users to bypass restrictions through a ruble-pegged stablecoin called A7A5. This token facilitated cross-border transactions after Russia's access to the Swift interbank messaging system was severed due to its invasion of Ukraine. Following the sanctions, the platform reemerged as Grinex.
The current pause in trading has left users without access to their funds while the company conducts an investigation. Additionally, access to Grinex's Moscow office has been restricted. The exchange has released a list of 54 affected wallet addresses, along with the corresponding drained amounts, with the majority being in USDT on the TRON blockchain.